Published on November 3, 2015
For more course tutorials visit www.uophelp.com Individual Assignment: Basic Concepts Paper• Resource: Supply and Demand simulation located on your student website• Prepare a 1,050- to 1,400-word paper that discusses basic concepts in applied economics in the context of the simulation. Answer the following questions in the paper: How do changes in the business environment cause changes in supply and demand? Cite and explain at least two examples from the simulation. o Why is marginal analysis important when making business decisions? How is marginal analysis used to respond to shifts in supply and demand? Cite and explain at least one example from the simulation. o How did your team determine appropriate output levels in the simulation? Cite at least two examples. Were your team’s output decisions successful? If so, explain specifically how your decision making process led to financial success. If not, identify any mistakes and explain what your team could have done differently.